Shares Of Gold Miners Slip
NEW YORK (AP) â¿¿ Shares of several gold mining companies slipped Friday after a Jefferies analyst said that he expects most of them to fall further.
"Given the dramatic decline in share prices, some may perceive gold equities as inexpensive. We strongly disagree," said Jefferies analyst Peter Ward in a note to clients.
Gold prices have fallen about 20 percent this year. They were trading around $1,310 per ounce on Friday afternoon. Ward said that gold prices will remain around $1,300 an ounce of the rest of the year, and long term, will fall to $1,250 per ounce.
Ward said that Freeport-McMoRan Copper & Gold Inc. is his favorite stock in the industry, saying that it is a better value than others. Shares of Freeport-McMoRan rose 85 cents, or 2.6 percent, to $33.86 in afternoon trading Friday.Here's how other gold miners are faring: â¿¿ AngloGold Ashanti Ltd. shares fell 4 cents to $12.67 â¿¿ Barrick Gold Corp. shares fell 5 cents to $18.06. â¿¿ Goldcorp Inc. shares fell 10 cents to $25.11 â¿¿ Golden Star Resources Ltd. fell 1 cent to 44 cents â¿¿ Gold Fields Ltd. shares were unchanged to $4.42 â¿¿ McEwen Mining Inc. fell 8 cents to $2.31 â¿¿ Newmont Mining Corp. fell 23 cents to $26.73
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV